Hariyana Ship Breakers Limited (HRYNSHP.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-70.8%

₹28.63

vs ₹97.99 price

Levered DCF

₹14.93

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	133.2×	41.17×	17.59×	8.32×	31.66×	3.4×	-1.84×	5.03×
P/B	0.36×	0.45×	0.39×	0.24×	0.42×	0.24×	0.11×	0.3×
P/S	15×	292.59×	0.38×	0.63×	0.35×	0.22×	0.1×	0.1×
EV / EBITDA	53.37×	11.78×	11.54×	5.42×	3.71×	-0.44×	-3.43×	7.47×
Gross margin	36.6%	-550.8%	-1.7%	6.2%	5.5%	5.1%	-8.8%	2.9%
Operating margin	-1.3%	-1079.5%	-2.8%	0.5%	2.4%	1.6%	-10.9%	4.6%
Net margin	11.3%	714.7%	2.2%	7.6%	1.1%	6.5%	-5.7%	2.1%
Current ratio	0.64×	0.19×	0.21×	0.94×	0.91×	1.05×	0.77×	0.95×
Debt / equity	0.03×	0.11×	0.1×	0.16×	0.03×	0×	0.06×	0.05×
Interest coverage	-0.02×	-0.87×	-1.69×	0.13×	2.78×	1.73×	-10.67×	22.79×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.3%	1.1%	2.2%	2.9%	1.3%	7.1%	-5.7%	6.0%
Return on invested capital	-0.0%	-1.0%	-2.1%	0.1%	1.3%	1.1%	-10.4%	10.6%
Return on assets	0.3%	1.0%	2.0%	1.6%	0.9%	3.5%	-4.4%	3.0%
Free cash flow yield	17.0%	4.6%	2.8%	-141.2%	-15.2%	87.6%	-180.2%	-91.8%
Earnings yield	0.8%	2.4%	5.7%	12.0%	3.2%	29.4%	-54.3%	19.9%
Enterprise value	₹560.2M	₹808.1M	₹708.1M	₹467M	₹209.3M	-₹89.6M	₹199.6M	₹463.8M
Net debt / EBITDA	3.41×	2.2×	2.29×	1.45×	-6.64×	-2.05×	-1.14×	0.92×
Cash conversion cycle (days)	153	1,408	5	45	-62	-80	5	10